Yup, go for it!
Use a rag to keep the grease off your hands, drop the wheel/sprocket ass'y out the bottom & break the tire down. I would take a close look at the tire as Leob stated. I have even "patched" the inside of the tire before, when a chunk was missing. Got me thru the summer...
Dive in & learn it. It really helps if you have enuf confidence & experience to make roadside emergency repairs. Best place to start is in the garage!
Good luck!